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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />lab applications. Examples of this equipment <br />may include optical microscopes, probe <br />stations, gas chromatography, mass <br />spectrometers, centrifuges, chemical hoods, <br />vacuum pumps and similar equipment. This <br />equipment is essential to demonstrate proof <br />of concept for a particular new product or <br />process prior to the completion of a business <br />plan for normal market entry. All of this <br />equipment will be housed in the facilities to <br />be built at the Innovation Park at Notre <br />Dame. <br />Due to the speculative nature and current <br />timing of the project, there are several <br />unknowns at this time. Therefore, the exact <br />length of the tax abatement term cannot be <br />determined at this time. It is estimated that <br />the term will be a minimum of six years and <br />a maximum of nine years. <br />Assuming a total project cost of $60,000,000 <br />for the four buildings, total taxes to be abated <br />during asix-year abatement period for the <br />real property are estimated at $5,478,762. <br />Total taxes to be >~ during the six-year <br />abatement period are estimated at <br />$5,421,901. Again, assuming a total project <br />cost of $60,000,000 for the four buildings, <br />total taxes to be abated during anine-year <br />abatement period for the real property are <br />estimated at $7,605,694. Total taxes to be <br />paid during the nine-year abatement period <br />are estimated at $8,745,301. For a ten year <br />abatement, total taxes to be abated during a <br />are estimated at $7,521,532. Total taxes to <br />11 <br />